New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-01-04
BROADWAY RAILROAD STOCK SOLD
THE PURCHASE BY THE PHILADELPHIANs.
CHECKS FOR NEARLY MILLON-AN OLD STOCK
HOLDERS EXPERIENCE.

CHECKS FOR NEARLY MILLI0N-AN OLD STOCK
HOLDERS EXPERIENCE.
Thomas r. Ryan. the treasurer OF the Broadway and
Seventh Avenue Railroad Company In his capacity as
OF Philadelphia horse railroad synd
cafe including In its members W. 3. Elkins, T. A. b.
Widener and w H. Kemblo deposited with Drexel Nor
gan Co. Yesterday two checks for S5OO,OOo, the
other for 900. with interest from February last
These two completed tho sale OF the Broadway ana
Seventh Avenue Railroad made coniitonally by Messrs
Kerr Foshay, Sharp and others To tho Phladelphans
In April in accordance with agreement made
about tho time the Senate Railroad Committee
began it's investigation the Broadway Surface Railroad
Company In it, relations TO the Board OF Aldermen.
At that time the stockholders Of the road entered Into
mn agreement to se to the Phiadephians 10000 shares
OF the 900 shares OF stock OF the road In order t trans
fer the control Of the road Phadelphans, which,
with the stock already owned by those In their interest,"
effected the desired result According the condtonsthe
shares were sold at 500 each down. with the condition
that by January 1897 the Phlselphians should pay
SS5 additional for 5000 shares aud 800 for
the other 5000, provided they desired to
take the stock The old holders e I were 10
at 5000 II the Ihilrdephians did not want IT, ,..,
the purchaser, would mold their bargain or whether
they had concluded that S292 30 was more Slah they
,oM care To- pay for the stock Although the increase In
The nnmhcr of passengers from 81 1852 500 I'm 1885 TO
32 500 In 1885 had not been what had been
I'm view of the withdrawal lines and the
opening Of University ppr no yet this gave the pur
cfascrs some hone that the road would prove In time
valuable n had been estimated The five cent fares on
the elevated roads Furthermore reduced the number OF
passengers Yet the PhiadephIans argued that The road
would pick mp and would gain In tho lonX run rrOul
the general increase ri travel In the city. go
The decision Of Justice Pcckfan npholdng the vana'y
of the lease agreements whereby the Broadway Surfare
Railroad was leased for 900 years 7" the Broadway ana
Seycuth Avenue and tho Tweny-third street Rnilroai
Companies greatest factor probably IN enecting
the na determination OF the syndicate Ia rsatn the con
troll Of rhc road. The old owners we're snx
n ~, se.nrinI IL al 5000 share But
way was The backbone ind the central great horoughnre
of the city. with which ultimately connection. tonia ne
made ny cros,own aud zzag lines to all parts or t1a
city cOnclu led that II was well worm tucir "ho W "ou
on and pay the additional sum. , -, ooc -,..
When the conditional sale was made the loooo shirc5
were deposited win Drexel Morgan o. VINO ,SS s
came time deposited check for S2OOOoOo "nrnhcI
the sale would be completed kept geai secret an
around. Nobody hut tho purchasing syndicate knew
what would bo done In the case even up 10 yesterday
The former holders OF stock on the qu yive
Yesterday learn what would he done. Jhey lounu ou
only by presenting their certificates or stock NJ DrcNc
Norenu AZ Co.'S several Ofthem did So what discovery
they made Indicated IN tue experience "i Que ho!d't
certti ate FOR 100 shares At y IN hc presenter I'
az General Christensen at his desk Just "a. tn, el' VI %
aud gracious manager took g.. did little ngurlhs run
ulng something hAo "uity shares al - a't uS
SlD0 with interest. ETC., inaie oHt TWO cncch'
for the corrc~ ponding hanied them Ia the cu7
toner and took his Ttincac. ana the CORNER owner o
the 100 shares OF the STOCK OF the Broadway an Srchn
Avrn ailral tOmpiny dep trcd. utterly sold out as
re 20 much money. yet sHd to give mp the Stock JACOB
sharp feeling wei enough to 20 out Ill ue COZ"
10 get his money -
troll complete. utens. It's representatives. say 10
put the ROAD shape pos ihc ana 10 benz All
It's energies TO making 1t a model OF Ito Kind